According to the recent figures from the Australian Bureau of Statistics (ABS), Victoria was the only state to see an increase in construction activity for the month of May. This increase in activity was driven by a growth in residential building approvals.
The building approval figures for May 2016 were released today by the ABS, and show that there's a 5.8 per cent increase in the value for the total building approvals. There was also an increase by 12.1 per cent in the value of residential approvals in May which amounted to $2.57 billion – an increase of 6.3 per cent over the year.
“Victoria’s residential building approvals remain among the strongest in the country.
"We’re seeing a good mix of apartment sizes and detached housing which maintains liveability and housing affordability.” – Acting Minister for Planning, Wade Noonan
The year leading up to May 2016 has seen the second highest value for total building approvals in Victoria alone, as well as the second highest count of dwelling unit approvals. This contributed to 29 per cent of total approvals in Australia.
This growth in the state has led to more than 120,000 new jobs created and an increase in full-time employment of 85,200 since November 2014.
“Victoria’s building and construction industry remains strong, and continues to create jobs and help drive our state’s economy.
The reason we are leading the nation is because the Andrews Labor Government is focusing on strong financial management and making the right investments to support the economy and job creation.” – Acting Treasurer, Gavin Jennings